Watchdog to probe Ernst & Young’s botched audit of Made
Watchdog investigates Ernst & Young’s failed audit of collapsed online furniture company Made
Team Achievement: Created founders Julien Callede, Chloe Mackintosh and Ning Li
Ernst & Young may feel the wrath of the Financial Reporting Council (FRC) watchdog investigating the audit of now-bankrupt Made.
The research concerns the annual accounts of Made over 2021, the e-commerce group’s first year as a listed company.
Made.com was co-founded by entrepreneurs Chloe Mackintosh, Julien Callede, Ning Li, and investor Brent Hoberman, who helped create the travel site Lastminute.com.
As a private company, the online furniture and home furnishings industry enjoyed relative success, launching in 2010 with £8.5 million in funding before moving to London over a decade later with a market capitalization of £775 million.
But supply chain issues and the cost-of-living crisis forced it into administration last November before Next bought its website, brand and intellectual property for a measly £3.4 million.